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Corporations Failing To Claim Amt Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
The Office of the Treasury...
International Support - Microsoft Great Plains VAR/Partner Selection – overview for V.P. IT
Looks like Microsoft Great Plains becomes more and more popular, partly because of Microsoft muscles behind it. It seems to be goof solution for mid-size and even large multinational corporation with Headquarters in US and branches Worldwide. ...
Selling Your Business - A Tool To Reduce Taxes
SELLING YOUR BUSINESS – A TOOL TO REDUCE THE TAX BITE By David M. Kauppi, MBA, CEA, CBI, President Mid Market Capital “I would rather expire at my desk than to sell my business and pay Uncle Sam one dime in taxes.” How many owners that have paid...
Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it*s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and...
Taxes as a Competitive Advantage in the Global Economy
Building an ownership society in a tax competitive world. Like many fellow citizens of this great country, I listened to the President’s Inaugural Address on January 20th. It was interesting, but it just flowed over me with nothing really sticking...
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I Can’t Pay My Taxes - What Do I Do?
The end of tax filing extensions is quickly approaching. What do you do if you can’t pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.
Credit Cards
You can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use either of the following two sources:
Official Payments Corporation
1-800-2PAY-TAX (1-800-272-9829)
www.officialpayments.com
Link2Gov Corporation
1-888-PAY-1040 (1-888-729-1040)
www.pay1040.com
If a credit card is out of the question, you may be able to pay any remaining balance over time in monthly installments through an installment agreement. If you are completely wiped out and the future looks grim, you may also want to consider getting the tax amount reduced through the Offer in Compromise program.
To apply for an installment payment plan, fill out and attach Form 9465 to the front of your tax return. The IRS has streamlined the approval process if your total taxes (not counting interest, penalties or other additions) do not exceed $25,000 and can be paid off in five years or less. Be sure to show the amount of your proposed monthly payment and the date you wish to make your payment each month. Make absolutely sure you can make the payments.
The IRS charges a $43 fee for
setting up an installment agreement. You will also be charged interest plus a late payment penalty on the unpaid taxes. The late payment penalty is usually one-half of one percent per month or part of a month of your unpaid tax. The penalty rate is reduced to one-quarter of one percent for any month an Installment Agreement is in effect if you filed your return by the due date (including extensions). The maximum failure to pay penalty is 25 percent of the tax paid late.
If you do not file your return by the due date (including extensions), you may have to pay a penalty for filing late. The penalty for failing to file and pay timely is usually five percent of the unpaid tax for each month or part of a month that your return is late. The maximum penalty for failure to file and pay on time is 25 percent of your unpaid tax.
In Closing
The IRS wants you in the system, even if you’re broke. Whatever you do, file your tax return in a timely manner. Once filed, the IRS will work with you on payment issues. Don’t get stressed. Keep in mind that millions of Americans have the same problem.
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
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| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
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| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
| File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
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| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
| Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
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| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
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| The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
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| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
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| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
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| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
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| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
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